Jobs Report Confirms Weak US Economy, Central Banks Make Big Changes

Weekly Wrap Up

This week many concerns over the global economy were confirmed with Friday's jobs report and big actions taken by several large central banks. Stocks were down overall at the end of the week due to the employment news and smaller than expected increase in payrolls for June. The IMF has a cautious view and is likely to lower its global growth expectations.

Also this week Barclay's (BCS: Charts, News) CEO Robert Diamond resigned after the bank's agreement to pay its $450 million settlement. Apple (AAPL: Charts, News) announced that it may be released a smaller version of its iPad to compete with other companies that are recently entering the tablet market. More Market News

Business News

(GSK)
This week, pharmaceutical giant GlaxoSmithKline (GSK: Charts, News) was fined $3 billion in the third largest health care fraud settlement in U.S. history. It is also the largest criminal-civil fine ever levied against a single drug company. The London-based company plead guilty on criminal charges of promoting several of its popular medications for unintended uses, as well as neglecting to disclose important safety information. Click here to read the full article

Best Buy Laying Off 600, About 3% of Geek Squad Workforce
Best Buy Co. (BBY: Charts, News) is laying off about 600 employees from its Geek Squad, roughly 3% of the workforce at the electronics retailer's services division.Also, the company is going eliminate an additional 1,800 store workers, according to a person familiar with the matter. All told, the cuts represent roughly 1.4% of the struggling retailer's roughly 167,000-person workforce. Those affected will be eligible for severance and job-placement assistance. Click here to read the full article

Your Money

LinkedIn's Reid Hoffman: Why You Should Run Your Career Like a Startup
LinkedIn, with more than 100 million members in over 200 countries, has become the social media mainstay of professionals -- a living, breathing Rolodex that provides an ongoing connection to new and old colleagues as well as access to their broader networks. Now, Reid Hoffman, co-founder and executive chairman of LinkedIn, offers another career tool in the form of a book, The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career, written with Ben Casnocha. Click here to read the full article

7 Habits of Web-Savvy Entrepreneurs
Web-savvy entrepreneurs are always a step ahead of everyone else: They're up to date on technology trends, they're constantly trying out new tools, they're often at the center of major online conversations, and-most importantly-they know how to use the Web to get things done faster. Click here to read the full article